Yup, it's happening. With production officially scheduled to begin in May, the sequel to 2000's "Crouching Tiger, Hidden Dragon" is now well on its way—but director Ang Lee won't be involved this time around.

According to Deadline, The Weinstein Company will produce the film, while Ronny Yu is in line to direct the script by "The Forbidden King" writer John Fusco (who wasn't involved in penning the original).

"This introduces a new generation of star-crossed lovers, and a new series of antagonists in a battle of good and evil. It has a Knights Errant quality," Fusco told Deadline. "There is an alternate universe in the books, a martial forest that exists alongside the real world, full of wandering sword fighters, medicine men, defrocked priests, poets, sorcerers and Shaolin renegades."

While the first installment was based on the fourth book in Wang Du Lu's "Crane-Iron Pentalogy", the forthcoming movie will be based on the fifth tale "Silver Vase, Iron Knight." Michelle Yeoh's "Crouching Tiger" character, Yu Shu Lien, is said to be a key player in the story, but the actress has yet to confirm that she'll reprise her role. In fact, there's still no word on any returning cast members—and that list could include Chow Yun Fat, Chang Chen and Zhang ZiYi.

Yu, who helmed "Freddy vs. Jason" and "Bride of Chucky," most recently directed Jet Li in the martial arts film "Fearless."